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Tuesday, 1 July 2014

Legal
Compliance – The Breakdown

What is Legal Compliance?
Legal compliance refers to the requirement of businesses and organisations to
obey the legal laws and regulations that are in place. A few examples could be:

Why
is it so Important?Legal
compliance can ultimately make or break a business. Complying with the rules
and regulations in place will ensure that your business operates legally with
minimal risks. It would also help protect your business, staff and reputation
and will prevent any damages that could occur.

Problems

Consequences
The biggest and undeniably most important problem that you could face by not
complying with the legal requirements is facing a criminal charge. A criminal
offence would:

·Ruin the reputation and image of your
business

·Affect the sales and services that you have
to offer

·Be very costly

...and many more. All of these would have a knock on
effect which could potentially lead to the breakdown of the business that you
worked so hard to make a success.

The
Reality of Unaddressed Legal Compliance Issues
The Legal Services Board recently conducted a study of 10,000 SME’s and a
staggering 46% claimed that unaddressed issues had detrimental effect on their
business with the average cost per issue being £13,812.

The report also found that:

·23% suffered a significant loss of income

·12% reported an increased cost

·9% suffered damage to their reputation

·6% reported employee numbers had to be
reduced or the business had to close down completely

How
to Protect Yourself

Pre-emptive
Measures
The most obvious way to protect your business would be to ensure you comply
with all the legal requirements. Make sure you know what laws you are bound to
and how to comply with them. Dealing with issues as soon as they arise would
eliminate them or prevent them from escalating and becoming a criminal offence.

Non-compliance
issues
Seeking legal advice for unfortunate non-compliance issues and/or pre-emptive
measures can prove to be the more cost effective solution than solving the
problem/s on your own. This could help prevent or minimise the damages that are
highlighted above and ensure that matters are dealt with efficiently.

How
We Can Help
iSolicitor prides itself in offering a unique service to SME’s by ensuring that
your needs are maintained. By turning to us, we can provide you with valuable
advice and help you by:

Providing
free assessments of your needs
with no obligation for you to
pursue it further